Ironbeam is a Futures Commission Merchant ("FCM") registered with the Commodity Futures Trading Commission ("CFTC") and a member of the National
Futures Association ("NFA"). Ironbeam, Inc. ("Ironbeam") provides a broad range of brokerage services to institutional and retail clients
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Pros: none 0 stars
Cons: This company is the biggest liars / cheaters I have ever come across in my 20 yrs of trading ! Stops magically change they will liquidate your account even if your not on a margin call They are the biggest fricken joke I have ever seen !
they are crooks
Cons: Add fees without consent. When you call about your account they don't even ask for a password. Anyone who has my account number could call and find out everything about my account and maybe even place trades!
I opened an account with Zumo back in 2011, which had Farr Financial as a clearing firm. Later Farr changed to Ironbeam. For the first 2 years everything was fine. Low 50 cent commissions per side (plus the normal exchange fees). Firetip platform was free and I liked it. Then around 2014 they slapped on a $49 per month fee for using Firetip, without even telling me. I found out on the statement. Then they upped the commissions and added "Broker Fees" on top of the higher commissions, making the total cost of a trade higher than almost all other online brokers. And again, without telling me. I found the higher charges on my statement. I stopped trading with them and recently asked to close my account. The only positive is that my money was in my checking account the next day. Minus a $40 wire fee.
Pros: There are none.
Cons: They are the "Cons"
First they promised 50 cent commissions plus exchange fees without markup. Lied. Charged $13.65 for a trade that should've been $2.54. Added clearing fees, brokerage fees, and marked up exchange fees by 65 cents.
They don't offer you an ability to withdraw by ACH even though you can deposit by ACH. Fraudulent practice to increase probability of generating a higher number of exorbitant $40 wire fees.
They try to hold you hostage and tell you "since you have an open position (even if only a LONG FULLY PAID FOR FUTRES OPTION!!!) that you would not be allowed to withdraw ANY money from your account. Regardless of whether or not you have excess liquidity or funds that exceed ANY margin requirement - let alone the fact that there is NO margin requirement for long options.
RUN, FOREST, RUN!!!
by Joe G,
Cons: Group of thieves
the Firetip software failed to load charts, I was instructed by Ironbeam to Restarted the software, all of a sudden it showed, I am short 9 contracts, when in fact, I have NEVER traded more than 2, max. 3 contracts, in 2 Minutes I had lost $3000.00.
When contacted Ironbeam, they claimed, I was responsible, and had "idea" what had happened.
STAY AWAY FROM THEM, UNLESS YOU HAVE PLENTY $$$ TO LOOSE
I had an account with Ironbeam, in one day made 8 trades, was charged for 17. Try to call or online chat, they disconnect from the conversation. Don't do it.
The company goes by many curious names: Farr, Ironbeam, DT Futures, Go, etc. Management are liars. Sneaky and unethical. They say one thing, do another. Their platform is very unreliable, actually a toy. Even worse, their company is run out of a small office and their system runs off a standard pc, but no UPC backup, no redundancy, no system in place in case of a hardware failure or software failure. It's pretty appalling. Quite a joke. The guys who own and manage the company are a family of Middle Easterners with very questionable morals. Avoid. Avoid. Avoid.
Run away from it.
A glitch in their software cost me over $600 and the losers from IronBeam who are part of it would not refund me the money.
I sat there all day showing 5 YM contracts and at the end of day I clicked the Go Flat button which showed I sold all 5 contracts.
30 minutes after the close I get a call from the broker saying I was in the red for my account.
A phantom 6th contract was out there and got sold when the futures market closed.
All Ironbeam could say was that I was responsible for keeping track of my trades.
How do you keep track of a trade that the platform did not show existed?
What a joke.
I have filed with the FTC and will be fighting them.
I found that firetip is offered by the same go futures, ironbeam or farr financial group. I applied for an account at proactive and chose firetip platform but the underlying brokerage was ironbeam.
I already posted my experience with them for being flickery, unreliable and charging for platform $125 pm and other fees of $50 pm if you cant trade a month.
See any company that plays tricks with customers and does not honor what they advertise clearly is not to be trusted.